Gst
L  27ae60 small

Everyone is curious when GST is taxable? This is the answer..
For Commercial and Industrial Properties, if the following conditions are met, then it is GST taxable:-
1) The market value is more than 2 millions (comm or Ind)
2) If the seller is selling more than 2 properties(commercial or industrial properties) in his life, it is GST taxable
3) The seller is GST-Registered.
SOVO, SOFO or SOHO buyers, you are under this category (The usage and Development Order/planning approval is the deciding factor, not Title)

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L  27ae60 small

How about residential property? It is not GST taxable
How about empty land? It is not GST Taxable except...

P  2c3e50 small

who pay the GST - seller or buyer?

Evs 5537 small

Gst always people was spending money.
Resident house charges on gst only at professional fees.
Commercial pay gst from buyer

L  27ae60 small

Buyer pay GST when buying commercial & Industrial properties with the conditions above.
6% GST on the Purchase Price is really a significant amount. Normally the costs for buying a property is around 6% (excl downpayment) and now with additional 6% GST = 12% from the purchase price. A lot O :(

And don't think to sell your property at RM1.999m or mark down...the value of the your property is to be valued at the stamping department (JPPH), they are the one decide your market value.. :)

J  e67e22 small

i have a question hers GST actually paid by owner or buyer ? as i know law is owner paid for it , but owner request it from buyer only.

L  27ae60 small

That is no law-related question, it is a business-related :)

Dianelynn.86 small

Huh. Gst = a form of tax no? So now there are taxes on gst as well??

K  e67e22 small

When Landlord/Seller fulfilled requirement 

1. More than Two commercial Property,

2. Own more than one acres Commercial Land,

3. Commercial Land or property worth more than RM2milion, then Owner is liable to register as a GST registered person. Buyer need to pay GST as owner is consider goods supply person, and he is liable to collect GST from Buyer ( Actually provide free service to our BN government to collect GST from Buyer ) . As in future, if any matter, the Royal Malaysian Custom will penalty or collect GST from Owner/Landlord.

Klcc view small

Who told you that GST is taxable for 2 million and above?

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@belindak, please refer to this..

 

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Please take note of the below as well:

Owner with rental income of more than RM500,000 per annum need register for GST account as well. and yes it is taxable by GST.

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I see commercial property selling for less than RM2mil... the developer claim that it is still GST taxable, so what is the latest information?

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@propertyX thanks for sharing